TAMPs Section Sponsored by:  

TAMPs

Outsourced investments are one of the fastest-growing categories in the financial advisory world. Perched between the asset custodian and the financial advisor, these (mostly) turnkey asset management programs can handle all or a portion of their investing, technology and fiduciary duties.

Advocates of using these TAMPs point to how it's better for the advisor because it frees up more time to spend with clients and prospects. It's also better for clients because the duties are being handled by specialized professionals who benefit from economies of scale.

Skeptics say that it adds a layer of cost and takes away an element of control from the advisors in executing according to a client's financial plan.


Josh Pace nearly doubled Trust Company of America in size before selling it for a giant price.

E*Trade enters RIA custody business by purchasing number five player

The New York-based discount broker buys Trust Company of America with plans to rebrand it and invest heavily in its technology

October 19, 2017 — 11:49 PM UTC by Brooke Southall

Brooke's Note: Trust Company of America has always been the RIA custodian with the unconventional clients, i.e. TAMPs, and the one with the name that sounds more like a community bank than a national player in wealth management. Now, with E*Trade as its ...

0 Comments
Aaron Schumm: This is the most fun the business has ever been.

As Aaron Schumm's 401(k) startup gets $8 million the FolioDynamix founder loves Vestwell's odd juxtaposition to Fidelity

Vestwell attracts second big FMR seed capital tranche by co-opting advisors to go where the Boston 401(k) king is most challenged -- very small plan sponsors

October 13, 2017 — 5:12 PM UTC by Brooke Southall

Brooke's Note: Fidelity Investments is making noises about buying a software company to keep eMoney in the lonely corporate shell in which it is housed. The Boston giant could do worse than to make a deal for Vestwell because the price will be right. F-Prime ...

0 Comments
Greg Friedman (r., with Doug Fritz):This used to be a much more collaborative industry.

Greg Friedman rallies RIAs at Junxure conference -- then news of Envestnet-FolioDynamix deal turns up the heat

The $2-trillion platform consolidation stunned open architecture-minded CRM-users who suspect bundling's advantages may quickly turn to diminishing returns

October 2, 2017 — 9:00 PM UTC by Guest Columnist Timothy D. Welsh

Brooke's Note: Tim Welsh's conference reviews become more fun to edit with each passing week because they are so dang loaded with hard and breaking news. He may be an industry consultant but the UC Berkeley grad is also an accomplished bloodhound when it comes to nosing ...

0 Comments
Dan Cronin: We’ve only been in these roles for a few months and the word has gotten out to wirehouses.

TruClarity -- a 'Dynasty-lite' -come-lately with a Y Combinator-type twist -- hires Dan Cronin and fellow Fidelity alum Shad Besikof to show its true growth intentions

Backed by a Tampa family office that's served as 'incubator' to local firms for 30 years, the slow-starting outsourcer with nearly $1 billion in RIA assets is gearing up to compete with Dynasty and HighTower

September 28, 2017 — 8:07 PM UTC by Lisa Shidler

Brooke's Note: We might not have written this article were Dan Cronin not involved. We know him as somebody who has a nose for where the RIA business is going based on his history with RIA custody at Fidelity and RBC. So when he ...

2 Comments
Gerard O'Reilly gets the co-CEO nod after 'evolving' DFAs investing process.

Months after being assigned a new co-CEO, Eduardo Repetto is out at Dimensional Fund Advisors

Gerard O'Reilly, a quiet superstar at the Austin firm, gets heaps of praise from DFA's chairman for moving its investing process forward

August 16, 2017 — 2:42 AM UTC by Brooke Southall

Brooke's Note: Few firms are better positioned than DFA in the industry due to three factors: It is an indexing pioneer, a factor investing pioneer and a pioneer in forging enduring links with hundreds of RIAs. But the competition is waking up. Competitive pressures can ...

1 Comment
John Straus: Other broker-dealers are not experienced in dealing with a wealthy complex client.

Raymond James looks to extend its RIA roll-up success with FallLine deal that gets John Straus off the start-up schneid

The St. Petersburg, Fla.-based broker-dealer connected with Steward and this time it gets play at making gains in two weak areas -- serving RIAs and ultra high net worth investors

July 13, 2017 — 9:04 PM UTC by Janice Kirkel

Brooke's Note: That old Michael Jordan aphorism about how it's not about how you start but how you finish comes to mind here. Not that John Straus had a bad start to his career. He rose high at UBS. But he's been battling for ...

2 Comments
[Melissa Gray and] David Darby: We feel this is the future of the wealth management advisory business.

Dynasty Financial wins its first Goldman Sachs team -- a Schwab RIA now with $1 billion of UHNW advised assets

Amid 'uptick' nationally in Goldman Sachs teams bolting, David Darby and Melissa Gray reunite with big help from the New York umbrella firm and Black Diamond software

June 6, 2017 — 2:15 PM UTC by Brooke Southall

Brooke's Note: One of the most over-predicted moments in RIA history is the one where the wirehouse dam breaks and all the brokers run away and become registered investment advisors. But just as we are all giving up on that moment ever arriving, there ...

0 Comments
Rija Javed: If you’re a Wealthfront client, you’ve probably been frustrated by the slow pace of your funds getting invested, or wondered why you still need to use forms in this day and age.

Wealthfront nixes Apex Clearing and explains it as step in ridding 'semi-manual processes and disjointed systems'

The Redwood City-based robo-advisor says in its blog that its software advance enables new destiny in "personal banking"

May 12, 2017 — 10:18 PM UTC by Brooke Southall

Brooke's Note: If you are going to build the world's tallest skyscraper, you'd better build the best foundation first. In its rush to market, Wealthfront may have built the building first. But bolstered now by more capital, a better understanding of the ...

1 Comment
Mark Matson: Our values and Schwab's values are different.

Mark Matson's $7.6-billion DFA TAMP exits Schwab custody as it sets $100-billion AUM goal

With 'reset' mindset, Matson Money trains his advisors to meet with investors en masse following a Weight Watchers script

May 10, 2017 — 9:08 PM UTC by Brooke Southall and Irwin Stein

Brooke's Note: When I talked to Mark Matson, it soon became apparent why he inhabits the top 1% of successful advisors. He is incredibly motivated to grow, he knows exactly what he believes and he doesn't seem to take offense at people whose views ...

0 Comments
Shirl Penney: We're taping the key to the handcuffs.

Dynasty Financial toes roll-up model's edge with new plan to buy revenue from its RIAs

By maxing deals at 10% of revenues and allowing a three-year bailout option, the New York-based firm seeks to hew to its non-intrusive roots

May 3, 2017 — 2:01 PM UTC by Brooke Southall

Dynasty Financial Partners often gets confused with roll-ups. The situation is not helped by the fact that its CEO, Shirl Penney, gamely sits on "roll-up" panels with the likes of Joe Duran of United Capital Financial Advisers, Elliot Weissbluth of HighTower Advisors LLC and Rudy Adolf of Focus Financial Partners LLC ...

1 Comment
Randy Bullard: I'm sober but not jaded.

Randy Bullard pitches himself into major role at SigFig to add his Placemark knowledge to a robo hothouse

The serially successful wrap-program pioneer convinced CEO Mike Sha that he was the right guy to demystify the legacy-robo tech divide to employees -- and close deals

April 26, 2017 — 5:41 PM UTC by Brooke Southall

Brooke's Note: They say one key to success is a willingness to get lucky. Maybe Mike Sha just did. The young CEO of SigFig has a silver tongue that won him the accounts of Yahoo! and CNN in his startup's early days. But ...

1 Comment
Mukesh Mehta and Charles Goldman are friends who have made a point of having dinner together a few times a year.

In poaching coup, Charles Goldman hires open-API wizard Mukesh Mehta to AssetMark from Cetera

The legendary chief information officer headed Schwab Institutional's efforts before shepherding in TD Ameritrade's legendary open API

March 15, 2017 — 8:09 PM UTC by Brooke Southall

Brooke's Note: In the idyllic world of P.G. Wodehouse, the unkindest cut one member of the landed gentry can inflict on another is to steal their Anatole -- in other words, their French chef. Back to boiled cabbage and corned beef for Aunt Dahlia and ...

1 Comment
Scott MacKillop: You can see it's going to work now. There's no way I'm going to let this thing fall apart.

Scott MacKillop applies shock-and-awe pricing to SMA market to good effect after merely lower fees left RIAs flat

Using a robo out of a yoga studio, First Ascent is using a flat, capped fee to fulfill a founder's vision

March 14, 2017 — 10:47 PM UTC by Lisa Shidler

Brooke's Note: If the SMA business had a motto during last few years, it might have been: keep your head low and your fees high. As robo- and ETF-disruption has torn at the fabric of the advice and mutual fund businesses, the SMA business ...

2 Comments
Joseph Rizzo: It became really hard not to listen (to Shirl Penney's overtures).

Hitting $20 billion of RIA assets in six years, Dynasty Financial hires its first chief AUM-booster, the better to get to $40 billion faster

CEO Shirl Penney installs a Wall Street-weaponized Joseph Rizzo equipped with M&A expertise as Dynasty attempts the shift from critical mass to critical force

March 9, 2017 — 7:25 PM UTC by Sarah O’Brien

Brooke's Note: If you think of the RIA business as a giant laboratory of business models, a signal invention is Dynasty Financial, which, defying ready categorization, is an audacious hybrid of outsourcer, study group, roll-up, TAMP and a place where Morgan Stanley Smith Barney alumni can transition away ...

2 Comments
Eric Clarke: When we did the agreement with TRX we knew there would be key learnings we could pick up along the way.

The four-year ordeal Orion's president underwent to launch Eclipse -- a sprint to stay in the race with Tamarac and Black Diamond for rebalancing

Eric Clarke tried to build, failed, bought, but kept on building until he got Amazon-ensconsed Eclipse

February 28, 2017 — 2:31 AM UTC by Janice Kirkel

Brooke's Note: By now it is axiomatic to observe that small companies have the advantage of being nimble. But what about that mezzanine stage where you're big enough to have something to lose but too small to disappear a problem by writing a check. That seems to ...

7 Comments